I agree LPS rust inhibitor is great for the job.
Be aware LPS makes a few other spray products, so get the right one.
I still like Rustcheck as stated.
Use some common sense before dumping anything that STINKS into your car as the stink will resurface every sunny day for years to come.
It's mind boggling what ideas people will come up with...think first before you ruin your car.
As well, traditional thick undercoating has sufficed as a sound deadener and road abrasion shield for many years, it has virtually NO rust inhibiting ability whatsoever and in fact will trap moisture as it shrinks.
Old Mercedes were a prime example when I worked in the bodyshop industry. Under all that undercoat, the entire rockers and undercarriage crumbled in your hands like a huge chocolate chip cookie when the thick undercoating was removed.